On the market turnaround today into positive territory...
JJC:    Really important... When the futures are really horrible and everything think it's going to be down... and we rally. That's the most bullish thing that can happen, okay... What's bearish is that we open, and then we fade, all right... This is significant... A couple of things that are happening... one, the Lehman Brothers' upgrade is actually taking... Lehman Brothers (LEH) has just been a human punching bag... suddenly, it's not working... suddenly, the shorts are actually losing money for about a nanosecond in LEH... Secondly, CIT Group, Inc. (CIT) came up with a game plan... sell all the bad home equity loan and mortgages to LS, a private equity firm... They gave you a blueprint... CIT is done going down... Then, what we start seeing, over at the Nasdaq, Apple (AAPL) was down $2.50 when Scott Wapner was doing the opening... Research In Motion (RIMM), of course, has just been on a straight line down for 30 points... Those are the Nasdaq leaders. So you have AAPL really turning the jets on... you have RIMM up, you have a CIT blueprint, you have LEH going up... The next thing you know, General Motors (GM) is not... you know, I don't like GM one bit... but it doesn't mean that it can't rally... everything can rally... and I look at this market, and I say to myself... If you were to tell me that, at 2:45pm, we would be up... I would say your nuts. So, this could trigger a worldwide short squeeze for a couple of days. It's the holiday coming up... It tends to be a very bullish time... Basically, if you're short, you've won already... you're down about 20%... Cover for a while and then, after the holidays, you can start shorting again... This is a market where all hope had been given up this very morning... We were minus 9 on the S&P Oscillator. That's up there with the 9/11... that's up there with the 1987 crash. It's the most oversold we've been in ages... other than the Nasdaq in 2000 in the dot-com blow off... So, you're beginning to get a feeling like, okay look, I'm done... I don't know, when you're down 20%, it's got that real capitulation feel to it... So, I like the fact that I see Costco (COST) and VF Corp. (VFC) up... I've got little pockets of strength everywhere... It's kind of a rear guard action, but it's working... I mean, we've had some of the leaders come off, but the steel stocks and the fertilizer stocks were I think were extremely marked up... it's just out and out manipulation... some guys do it... I hate it... I see it, I saw it... those were marked up.

Another thing that happens is, remember, we talked about biotech yesterday... Here's Celgene Corporation (CELG) on a little bit of news about a rival just falling apart... and you got a quick 4-point rally... I mean, what I'm saying is, is that, no one expected a rally today. Everyone expected that we'd be falling off a cliff. That's the best kind of rally, where you bought them at the opening, and you're still making money and you don't have to cash out here... I'm liking it here.

Look at Apple (AAPL)... look at RIMM... look at CIT Group, Inc. (CIT)... look at Lehman Brothers (LEH)... look at Costco (COST). They're giving you something, and for the short... Again, the shorts have been dead right. I am not at all attacking the shorts here. But sometimes you ring the register... bulls, bears and pigs, right? Anybody who just stays a winner is a pig. I think that the shorts have to cover and just put them out later.

.  .  .  .  .